Lanco Infratech Ltd has created two new holding companies — Vamshi Industrial Power and Vamshi Hydro Energies — to handle thermal and hydel power projects, respectively.
These two holding companies are wholly-owned subsidiaries of the Lanco Power Ltd, which in turn is a subsidiary of the listed, diversified infrastructure company, Lanco Infratech Ltd.
Lanco Hills Technology Park, a company subsidiary informed it is evaluating suitable legal action after studying the order of Andhra Pradesh High Court which dismissed its plea to take up a petition on title related issues.
The company had purchased 100 acres from Andhra Pradesh Industrial Infrastructure Corporation Ltd in a public auction under competitive bidding route. It has taken up a major mixed use real estate-cum-commercial project which is at advanced stage of completion.
The Wakf Tribunal had passed an order restraining Lanco, Microsoft, Infosys, Wipro, Indian School of Business and others from alienating the property of 1,654 acres being claimed by the Wakf Board as these were Wakf properties. These lands allotted by the Government are located close to IT hub of Hyderabad.
This order was challenged in the High Court which dismissed stating that this has to be decided by the Wakf Tribunal.